WASHINGTON, June 9, 2016 /PRNewswire/ -- Senator Judd Gregg (R-NH), a Senior Advisor for the COFINA Senior Bondholders Group, made the following statement today after the House approved the "Puerto Rico Oversight, Management, and Economic Stability Act," or PROMESA, bipartisan legislation to address Puerto Rico's fiscal crisis and stabilize the Commonwealth's economy.
"Today's bipartisan House vote in support of PROMESA signals Congress recognizes the urgent need to send this bill to the President's desk for his signature. Americans should commend Speaker Ryan, Chairman Bishop, Leader Pelosi and the Obama Administration for coming together during a very politicized time to advance this critical legislation. Most importantly, PROMESA is enabling congressional leadership to achieve its goals of equipping Puerto Rico with battletested restructuring tools and shielding taxpayers from funding a bailout. Achieving these legislative goals will help stabilize the island's fiscal house, stem outmigration and lay the groundwork for growth-oriented environment in the years ahead – all while adding nothing to the federal debt load.
While the bill is not perfect, it's definitely a much needed and constructive step in the right direction. Now it is up to the Senate to take this bipartisan effort and quickly act before Puerto Rico slips into economic cardiac arrest on the heels of potentially missing its $2 Billion debt payment on July 1. The Senate must not derail this momentum. Changing the bill at this late date, with the July 1st deadline looming, will be a serious mistake and truly counterproductive to a constructive and fiscally conservative resolution to this situation."
About Senator Judd Gregg
Gregg served as a United States Senator from 1993 to 2011. He was Chairman and Ranking Member of the Senate Budget Committee and also Chairman and ranking member of the Health, Education, Labor and Pension Committee. He was a senior member of the Senate Banking Committee and chaired the Appropriation's subcommittees on Foreign Operations; Homeland Security; and Commerce, State and Justice. He also served on President Obama's National Commission on Fiscal Responsibility and Reform (Simpson-Bowles) and worked to produce a comprehensive plan to reduce the national debt. Prior to his tenure in the Senate, Gregg served as Governor of New Hampshire and as a U.S. Representative. As Governor, Gregg steered New Hampshire through one of its most difficult economic times leaving it with a balanced budget and a strong infrastructure, which included reorganizing the State's major utilities and banking system.
About the COFINA Senior Bondholders Ad Hoc Group
The Group is a coalition of creditors made up of retirees and individual investors in Puerto Rico and throughout the United States, as well as asset managers GoldenTree Asset Management LP, Merced Capital LP, Tilden Park Capital Management, Whitebox Advisors LLC, and others.
The COFINA Senior Bondholders Ad Hoc Group has come out in support of many of the components of the "Puerto Rico Oversight, Management, and Economic Stability Act," legislation released by the House Natural Resources Committee. The framework ensures that creditors are treated fairly and equitably based on their legal standing and provides a strong foundation for federal legislation to address the Commonwealth's economic crisis.
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SOURCE COFINA Senior Bondholders Ad Hoc Group